What would be the consumer buying response to Coca-cola if the price of Pepsi doubled? If the prices of Coca-cola and Pepsi remained constant but the consumers income was reduced by 30%? Suppose all carbonated beverages tripled in price. How would the concepts of utility, income, and substitution predict consumer behavior based on the rise in the cost of carbonated beverages?
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SUBJECTS / CATEGORIES:
1. Business Economics 2. Economics 3. Microeconomics
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